Shareholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Shareholders' Equity

Changes in shareholders’ equity for the three and six months ended June 30, 2020 were as follows:

	Common Shares
	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Total Shareholders' Equity (Deficit)
Balance as of December 31, 2019	52,385,283	$	881,426	$	83,523	$	(972,373)	$	(7,424)
Issuance of common shares, net of offering costs	5,555,554	282,833		—		—		282,833
Issuance of common shares under equity incentive plan	447,111	10,880		(8,273)		—		2,607
Non-cash share-based compensation expense	—	—		16,879		—		16,879
Net loss	—	—		—		(172,937)		(172,937)
Balance as of March 31, 2020	58,387,948	$	1,175,139	$	92,129	$	(1,145,310)	$	121,958
Issuance of common shares under equity incentive plan	1,137,617	23,866		(12,118)		—		11,748
Non-cash share-based compensation expense	—	—		11,762		—		11,762
Net loss	—	—		—		(180,934)		(180,934)
Balance as of June 30, 2020	59,525,565	$	1,199,005	$	91,773	$	(1,326,244)	$	(35,466)

Changes in shareholders’ equity for the three and six months ended June 30, 2019 were as follows:

	Common Shares
	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Total Shareholders' Equity (Deficit)
Balance as of December 31, 2018	44,197,549	$	554,384	$	40,104	$	(443,568)	$	150,920
Issuance of common shares under equity incentive plan	85,445	1,961		(896)		—		1,065
Non-cash share-based compensation expense	—	—		7,330		—		7,330
Net loss	—	—		—		(62,304)		(62,304)
Balance as of March 31, 2019	44,282,994	$	556,345	$	46,538	$	(505,872)	$	97,011
Issuance of common shares, net of offering costs	6,976,745	281,100		—		—		281,100
Exercise of related party warrants	215,000	7,201		(5,203)		—		1,998
Exercise of stock options	26,875	320		(172)		—		148
Non-cash share-based compensation expense	—	—		17,554		—		17,554
Net loss	—	—		—		(211,070)		(211,070)
Balance as of June 30, 2019	51,501,614	$	844,966	$	58,717	$	(716,942)	$	186,741

Issuance of Common Shares for the January 2020 Offering

In January 2020, the Company issued and sold 4,830,917 common shares at a public offering price of $51.75 per share for net proceeds of approximately $245,877 after deducting underwriting discounts and commissions of approximately $3,623 and other offering expenses of approximately $500. In addition, in February 2020, the underwriter of the January follow-on offering exercised its option to purchase additional shares, and the Company issued and sold 724,637 common shares for net proceeds of approximately $36,956 after deducting underwriting discounts and commissions of approximately $543. Thus, the aggregate net proceeds to the Company from the follow-on offering, after deducting underwriting discounts and commissions and other offering costs, were approximately $282,833.

Exercise of Related Party Warrants

In connection with a guarantee of its obligations under the Credit Agreement, the Company issued warrants, each to purchase 107,500 common shares at an exercise price of $9.2911 per share, to two of its directors. Both warrants were exercised in March 2019, and common shares settled in the second quarter of 2019 (See Note 10).